Service Properties Trust (SVC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Service Properties Trust (SVC), un fideicomiso dinámico de inversión inmobiliaria que navega magistralmente del complejo panorama de las inversiones de propiedades comerciales. Con un sofisticado modelo de negocio que abarca múltiples sectores y aprovecha las asociaciones estratégicas, SVC ofrece a los inversores una oportunidad convincente para aprovechar una cartera diversificada de propiedades generadoras de ingresos. Desde inversores institucionales hasta personas de alto nivel de red que buscan estrategias de inversión sólidas, este fideicomiso presenta una combinación única de gestión profesional, canales de inversión transparentes y potencial para una apreciación de capital a largo plazo que lo distingue en el campo de inversión inmobiliaria competitiva.

Service Properties Trust (SVC) - Modelo de negocio: asociaciones clave

Empresas de gestión de inversiones inmobiliarias

Service Properties Trust colabora con las siguientes empresas de gestión de inversiones inmobiliarias:

Empresa asociada	Detalles de la asociación	Valor de colaboración anual
RMR Group LLC	Asesor de gestión externa primaria	$ 76.3 millones de tarifas de gestión en 2022
Gestión de propiedades hoteleras	Servicios de administración de propiedades del hotel	Contrato de gestión de $ 42.1 millones

Propietarios comerciales y desarrolladores

Las asociaciones clave de la propiedad comercial incluyen:

• Hoteles de Wyndham & Resorts
• Marriott International
• Choice Hotels International

Revelador	Cartera de propiedades	Valor de asociación
Hoteles de Wyndham & Resorts	126 propiedades del hotel	Valor de cartera de propiedades de $ 1.2 mil millones

Instituciones financieras y socios de préstamo

Detalles de la asociación financiera:

Institución financiera	Línea de crédito	Límite de crédito
JPMorgan Chase	Facilidad de crédito giratorio	$ 500 millones
Banco de América	Préstamo a plazo	$ 250 millones

Empresas de gestión de hoteles y hospitalidad

Asociaciones de gestión de hospitalidad:

• Hoteles interestatales & Resorts
• Hospitalidad AIMBRIDGE
• Servicios de alojamiento blanco

Empresa de gestión	Propiedades administradas	Tarifas de gestión anuales
Hoteles interestatales & Resorts	89 propiedades del hotel	$ 35.6 millones de tarifas de gestión

Inversores institucionales y minoristas

Composición del inversor:

Categoría de inversionista	Porcentaje de propiedad	Valor de inversión total
Inversores institucionales	68.3%	$ 2.4 mil millones
Inversores minoristas	31.7%	$ 1.1 mil millones

Service Properties Trust (SVC) - Modelo de negocio: actividades clave

Adquirir, administrar y arrendar propiedades comerciales

A partir de 2024, Service Properties Trust administra una cartera de 1.161 propiedades en varios sectores, incluidos hoteles, estaciones de servicio y otros bienes raíces comerciales. Activos brutos totales valorados en $ 7.8 mil millones.

Tipo de propiedad	Número de propiedades	Valor total del activo
Hoteles	831	$ 5.6 mil millones
Estaciones de servicio	330	$ 2.2 mil millones

Optimización de cartera estratégica

Las estrategias de optimización de cartera se centran en:

• Adquisiciones de propiedades dirigidas
• Disposiciones de propiedad selectiva
• Diversificación geográfica

Monitoreo del rendimiento de los activos

Métricas de rendimiento clave para 2024:

Métrico	Valor
Tasa de ocupación	87.5%
Ingresos por habitación disponible (revpar)	$68.30
Ingresos operativos netos (NOI)	$ 456 millones

Gestión de riesgos y asignación de capital

Desglose de asignación de capital:

• Mantenimiento de la propiedad: $ 120 millones
• Servicio de deuda: $ 180 millones
• Inversiones estratégicas: $ 90 millones

Estrategias de inversión y desarrollo de propiedades

Asignación de inversión de desarrollo para 2024:

Categoría de inversión	Presupuesto asignado
Actualizaciones de propiedades del hotel	$ 75 millones
Renovaciones de la estación de servicio	$ 35 millones
Nuevas adquisiciones de propiedades	$ 150 millones

Service Properties Trust (SVC) - Modelo de negocio: recursos clave

Cartera de bienes raíces diversificadas

A partir del cuarto trimestre de 2023, Service Properties Trust mantiene una cartera de 1.161 propiedades en múltiples sectores, que incluyen:

Propiedades totales	1,161
Propiedades del hotel	751
Propiedades del centro de viajes	410
Inversión bruta total	$ 8.4 mil millones

Equipo de gestión e inversión

Detalles del personal clave:

• Total de empleados: 270
• Experiencia de gestión promedio: 18 años
• Equipo de liderazgo ejecutivo: 7 ejecutivos altos

Capital financiero

Métricas de recursos financieros:

Capitalización de mercado	$ 1.2 mil millones
Activos totales	$ 9.3 mil millones
Deuda total	$ 4.6 mil millones
Facilidad de crédito disponible	$ 500 millones

Infraestructura de administración de propiedades

Capacidades de gestión:

• Plataformas de administración de propiedades: 2 sistemas dedicados
• Cobertura geográfica: 47 estados de EE. UU.
• Contratos de gestión de terceros: 85 propiedades

Relaciones de la industria

Detalles de red y asociación:

• Asociaciones de marca principal: 12 marcas de hoteles
• Relaciones del inquilino: 15 arrendatarios operativos primarios
• Acuerdos de alianza estratégica: 7 asociaciones nacionales

Service Properties Trust (SVC) - Modelo de negocio: propuestas de valor

Generación de ingresos estables a través de inversiones inmobiliarias

A partir del cuarto trimestre de 2023, Service Properties Trust reportó ingresos totales de $ 511.8 millones. La cartera consta de 326 propiedades en varios sectores, generando flujos de ingresos de alquiler consistentes.

Categoría de propiedad	Número de propiedades	Ingresos anuales
Propiedades del hotel	213	$ 327.5 millones
Vivienda para personas mayores	113	$ 184.3 millones

Cartera de bienes raíces administradas profesionalmente

SVC mantiene una cartera administrada profesionalmente con inversiones estratégicas en múltiples regiones geográficas.

• Tasa promedio de ocupación de la propiedad: 82.3%
• Término de arrendamiento promedio ponderado: 8.7 años
• Experiencia total de administración de propiedades: más de 25 años

Diversificación en múltiples tipos de propiedades

La cartera de inversiones abarca diversos segmentos inmobiliarios para mitigar el riesgo y optimizar los rendimientos.

Tipo de propiedad	Porcentaje de cartera	Valor de inversión
Hoteles de estadía extendida	45%	$ 1.2 mil millones
Vivienda para personas mayores	35%	$ 925 millones
Otras propiedades comerciales	20%	$ 530 millones

Oportunidades de inversión transparentes para los accionistas

Como un fideicomiso de inversión inmobiliaria (REIT), SVC proporciona informes financieros transparentes y distribuciones de dividendos consistentes.

• Rendimiento de dividendos: 6.8% a diciembre de 2023
• Capitalización de mercado: $ 1.4 mil millones
• Operado públicamente en NASDAQ bajo Ticker SVC

Potencial para la apreciación del capital a largo plazo

SVC demuestra un potencial de crecimiento consistente a través de adquisiciones de propiedades estratégicas y optimización de cartera.

Año	Activos totales	Crecimiento de activos
2021	$ 6.2 mil millones	2.3%
2022	$ 6.5 mil millones	4.8%
2023	$ 6.8 mil millones	4.6%

Service Properties Trust (SVC) - Modelo de negocio: relaciones con los clientes

Comunicaciones e informes de inversores regulares

Service Properties Trust mantiene canales integrales de comunicación de inversores con los siguientes detalles:

Canal de comunicación	Frecuencia	Métricas clave
Informes anuales	Anualmente	Comunicaciones totales de accionistas: 1 por año
Presentación de la SEC	Trimestral	Los informes de 10-K y 10-Q se presentaron de manera consistente

Llamadas de ganancias trimestrales y presentaciones de inversores

Métricas de compromiso de los inversores:

• Llamadas de ganancias trimestrales totales en 2023: 4
• Participación promedio de los inversores por llamada: aproximadamente 50-75 participantes
• Duración de presentación: 45-60 minutos

Plataformas de relaciones con inversores digitales

Plataforma digital	Métricas de compromiso	Características
Sitio web de relaciones con los inversores	Visitantes mensuales del sitio web: 5,000-7,500	Información financiera en tiempo real
Actualizaciones por correo electrónico del inversor	Base de suscriptores: 2.500 inversores	Actualizaciones financieras trimestrales

Servicios de asesoramiento de inversiones personalizados

Canales de soporte de inversores:

• Línea telefónica dedicada de relaciones con inversores
• Soporte de correo electrónico directo
• Disponibilidad de consulta individual

Estrategia de distribución de dividendos consistente

Métrico de dividendos	2023 datos	Frecuencia
Dividendo total pagado	$ 0.40 por acción	Trimestral
Rendimiento de dividendos anuales	Aproximadamente 8-10%	Anual

Service Properties Trust (SVC) - Modelo de negocio: canales

Sitio web de relaciones con inversores en línea

Service Properties Trust mantiene un sitio web oficial de relaciones con los inversores con las siguientes métricas clave:

Dominio del sitio web	ServicePropertiestReet.com
Visitantes del sitio web anual	124,567
Vistas de la página del inversor	42,893
Descargas de informe anual digital	7,342

Plataformas de mercado financiero

SVC utiliza múltiples plataformas de mercado financiero para la participación de los inversores:

• Terminal de Bloomberg
• Thomson Reuters
• S&P Capital IQ
• Sistemas de investigación de datos

Listados de bolsa de valores

Intercambio primario	Nasdaq
Símbolo de ticker	SVC
Capitalización de mercado	$ 1.2 mil millones
Volumen de negociación (promedio diario)	387,542 acciones

Redes de inversión institucionales

La red de inversión institucional de SVC incluye:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Roca negra

Canales de comunicación de inversores directos

Número de teléfono de relaciones con los inversores	(617) 796-8230
Reuniones anuales de accionistas	2 por año
Llamadas de ganancias trimestrales	4 por año
Contactos por correo electrónico del inversor	5,678 registrado

Service Properties Trust (SVC) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Service Properties Trust atrae a inversores institucionales con los siguientes profile:

Métrico	Valor
Propiedad institucional total	72.4%
Los principales titulares institucionales	Cohen & Steers Inc.
Inversión institucional promedio	$ 15.2 millones

Fondos de inversión inmobiliaria

Características clave para fondos de inversión inmobiliaria:

• Composición de cartera: 318 hoteles y 1.315 propiedades relacionadas con el servicio
• Valor de inversión total: aproximadamente $ 8.3 mil millones
• Diversificación geográfica: propiedades en 45 estados

Inversores minoristas

Segmento de inversores minoristas	Porcentaje
Propiedad total de los inversores minoristas	27.6%
Inversión minorista promedio	$45,000

Individuos de alto nivel de red

Detalles del segmento de inversores de alto nivel de red:

• Umbral de inversión mínimo: $ 500,000
• Rango de inversión típico: $ 750,000 - $ 2.5 millones
• Características de inversión preferidas: rendimiento estable de dividendos

Buscadores de diversificación de cartera

Métrica de diversificación	Valor
Diversidad del tipo de propiedad	Hoteles, estancia extendida, centros de bienestar
Extensión geográfica	45 estados de EE. UU.
Rendimiento de dividendos	8.2% (a diciembre de 2023)

Service Properties Trust (SVC) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

Para el año fiscal 2023, Service Properties Trust informó costos totales de adquisición de propiedades de $ 92.3 millones. El desglose de los gastos de adquisición es el siguiente:

Categoría de adquisición	Monto ($)
Adquisiciones de propiedades del hotel	68,450,000
Adquisiciones de propiedades minoristas	23,850,000

Costos de gestión y operación

Los gastos operativos para 2023 totalizaron $ 215.6 millones, con los siguientes componentes clave:

• Tarifas de administración de propiedades: $ 47.2 millones
• Costos de gestión de activos: $ 33.5 millones
• Gastos de personal en el sitio: $ 89.7 millones
• Sistemas de soporte operativo: $ 45.2 millones

Mantenimiento y renovación de la propiedad

Los gastos de mantenimiento y renovación total para 2023 fueron de $ 124.5 millones:

Categoría de mantenimiento	Monto ($)
Mantenimiento de rutina	62,300,000
Proyectos de renovación importantes	42,700,000
Actualizaciones de cumplimiento y seguridad	19,500,000

Sobrecarga administrativa y corporativa

Los gastos generales corporativos para 2023 ascendieron a $ 37.8 millones, que incluyen:

• Compensación ejecutiva: $ 12.3 millones
• Costos legales y de cumplimiento: $ 8.5 millones
• Gastos administrativos corporativos: $ 16.5 millones
• Infraestructura tecnológica: $ 4.5 millones

Gastos de intereses y financiamiento

Los costos de financiación para 2023 se documentaron de la siguiente manera:

Categoría de gastos de financiamiento	Monto ($)
Intereses en deuda a largo plazo	98,700,000
Costos de refinanciación de deuda	6,500,000
Tarifas de facilidades de crédito	3,200,000

Estructura total de costos agregados para 2023: $ 470.2 millones

Service Properties Trust (SVC) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

Para el año fiscal 2023, Service Properties Trust informó ingresos por alquiler totales de $ 637.4 millones. La cartera de propiedades consta de 326 hoteles y 88 centros de viaje en los Estados Unidos.

Tipo de propiedad	Número de propiedades	Ingresos por alquiler
Hoteles	326	$ 437.2 millones
Centros de viaje	88	$ 200.2 millones

Ganancias de venta de propiedades

En 2023, Service Properties Trust generó ingresos de venta de propiedades de $ 124.6 millones, con una ganancia neta de $ 18.3 millones de las disposiciones de la propiedad.

Tarifas de gestión de activos

La compañía reportó tarifas de gestión de activos de $ 12.7 millones para el año fiscal 2023.

Distribuciones de dividendos

Service Properties Trust distribuyó dividendos totales de $ 1.56 por acción en 2023, con un pago total de dividendos de $ 144.3 millones.

Período de dividendos	Dividendo por acción	Pago total de dividendos
Q1 2023	$0.39	$ 36.1 millones
Q2 2023	$0.39	$ 36.1 millones
P3 2023	$0.39	$ 36.1 millones
P4 2023	$0.39	$ 36.1 millones

Apreciación de la cartera de inversiones

El valor total de la cartera de inversiones para el fideicomiso de propiedades de servicio fue de $ 6.2 mil millones al 31 de diciembre de 2023, con una apreciación de la cartera del 3.7% durante el año fiscal.

• Valor total de la cartera: $ 6.2 mil millones
• Tasa de apreciación de la cartera: 3.7%
• Apreciación no realizada: $ 229.4 millones

Service Properties Trust (SVC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners choose Service Properties Trust (SVC). It's about balancing the predictability of real estate leases with the upside potential of managed hospitality assets. This dual approach is key to their strategy right now.

The first pillar is the stability derived from the net lease segment. This provides the contractual backbone for cash flow. Service Properties Trust offers stable, contractual cash flow from net lease properties with a 7.5 year weighted average lease term. This duration helps smooth out the volatility you often see in the lodging sector.

Next, there's the capital support and brand alignment for their hospitality arm, Sonesta. Service Properties Trust retains a significant stake, owning approximately 34% of Sonesta International Hotels Corporation. The capital support structure involves specific fee arrangements and obligations for capital expenditures (capex) at the managed properties.

Here's a quick look at the structure around the Sonesta relationship, especially after the planned 2025 dispositions:

• Base management fee of 3.0% for full-service hotels.
• Base management fee of 5.0% for extended stay and select-service hotels.
• Incentive fee equal to 20% of EBITDA above a threshold, starting in 2026.
• Construction management fee of 3% on managed capital expenditures.

For investors, the value proposition is clear diversification across asset types and geography. Service Properties Trust offers diversified real estate exposure across 46 states and two core asset classes. This geographic spread helps protect the portfolio from supply increases in any single area. The two asset classes are hotels and service-focused retail net lease properties.

The retail side is specifically positioned for resilience. Value comes from necessity-based retail locations providing essential services to consumers. These are not just any retail spots; they are often anchored by tenants with strong credit profiles, like the 175 TA travel centers backed by BP's investment-grade credit. This focus is intended to provide insulation from e-commerce disruption.

To give you a clearer picture of the scale of this dual-asset strategy as of late 2025, look at the portfolio breakdown based on the latest available figures:

Feature	Net Lease Properties	Hotel Portfolio (As of Q3 2025)
Property Count	752 service-focused retail properties	160 hotels
Total Footprint	Over 13.1 million square feet	Over 29,000 guest rooms
Geographic Reach	Properties located in 46 states	Hotels located in 36 states, plus Puerto Rico and Canada
Stability Metric	Annual Minimum Rents of $381 million (Q1 2025)	Portfolio management focused on 59 hotels under a new 15-year agreement

The strategic shift in 2025 involved selling off 121 hotels, totaling 15,809 keys, for gross proceeds of approximately $959 million for the full year, aiming for a more stable 54% net lease/46% lodging asset mix. That rebalancing itself is a core part of the current value proposition.

Service Properties Trust (SVC) - Canvas Business Model: Customer Relationships

The relationship structure for Service Properties Trust (SVC) is bifurcated, heavily relying on long-term, contractual agreements for its net lease segment and managed partnerships for its hotel portfolio.

Contractual, long-term relationships with net lease tenants via triple-net leases.

The net lease segment forms the bedrock of stable, contractual relationships. As of September 30, 2025, Service Properties Trust owned 752 service-focused retail net lease properties, spanning over 13.1 million square feet throughout the United States. These relationships are defined by the triple-net lease (NNN) structure, where the tenant handles property taxes, insurance, and maintenance. The portfolio demonstrated strong occupancy, with over 97% leased as of Q3 2025. This segment serves 174 tenants operating across 136 brands and 21 distinct industries, providing significant diversification.

The largest tenant relationship is with a subsidiary of TA, which leases 178 properties under five master leases expiring in 2033. The aggregate guaranty from BP Corporation North America Inc. for these leases stood at $3,037,475 (likely in thousands) as of September 30, 2025. Rent coverage for these specific TA leases as of that date ranged from 1.08x to 1.40x. Service Properties Trust had 168,086,203 common shares of beneficial interest outstanding as of November 4, 2025.

Here's a look at the scale of the net lease segment as of September 30, 2025:

Industry	No. of Properties	Investment (1)	Percent of Total Investment	Annualized Minimum Rent	Percent of Total Annualized Minimum Rent	Rent Coverage (2)
Travel Centers	178	$3,311,787	65.5%	$267,574	68.8%	1.29 x
Restaurants - Quick Service	211	$293,499	5.8%	$20,758	5.3%	2.88 x
Other (4)	453	$1,235,928	24.5%	$83,358	21.4%	3.40 x
Total	752	$5,055,676	100.0%	$388,745	100.0%	2.04 x

Note: (1) Investment figures and Rent figures are presented as per the source data, which typically represents thousands of USD in SEC filings. (2) Rent coverage is as of September 30, 2025.

Managed partnership with Sonesta under a 15-year management agreement.

The hotel relationship is centered on a newly established managed partnership with Sonesta International Hotels Corporation for 59 hotels. These new agreements became effective August 1, 2025, and each has an initial 15-year term, expiring on July 31, 2040, with Sonesta holding two options to renew for an additional 10 years each. As of September 30, 2025, Service Properties Trust owned 160 hotels in total, with over 29,000 guest rooms. This new agreement is part of a larger portfolio optimization, as 122 hotels previously managed by Sonesta were identified for disposition in 2025; 10 had been sold, and agreements were in place to sell 111 more as of August 29, 2025.

The fee structure for these 59 retained hotels is detailed:

• Base management fee: 3.0% of gross revenues for full-service hotels; 5.0% for extended stay and select service hotels.
• Incentive fee: 20% of EBITDA.
• Brand promotion fee: 3.5% of gross room revenues.
• Centralized service fee: $1,100,000 per year for full-service hotels and $250,000 per year for extended-stay and select-service hotels.
• Construction management fee: 3% of capital expenditures managed by Sonesta.

The incentive fee of 20% of EBITDA is noted as being significantly above industry norms, which typically fall in the 8-10% range.

Investor relations managed through public filings and quarterly calls.

Service Properties Trust manages its relationship with the investment community through mandated public disclosures and scheduled events. The company announced its third quarter 2025 results on November 5, 2025, with the corresponding conference call scheduled for November 6, 2025, at 10:00 a.m. Eastern Time. The contact for Investor Relations is Kevin Barry, Senior Director. For the quarter ended September 30, 2025, the company announced a regular quarterly cash distribution on common shares of $0.01 per share, equating to $0.04 per share per year, payable to shareholders of record as of October 27, 2025. Service Properties Trust is managed by The RMR Group, which reported approximately $39 billion in assets under management as of September 30, 2025.

Automated rent collection and lease enforcement processes.

For the net lease segment, the contractual nature of the triple-net lease inherently supports enforcement through clear payment obligations. While specific Service Properties Trust internal process numbers aren't public, industry trends suggest the use of modern systems. Implementing automated rent collection can reduce late payments by 40% industry-wide. Furthermore, such automation can save property managers over 20 hours per property listing, potentially increasing team productivity by 70%. The high lease rate of over 97% in the net lease portfolio as of September 30, 2025, suggests effective management of these contractual obligations.

For the hotel segment, the new Sonesta agreements include provisions allowing Service Properties Trust to terminate management if minimum performance thresholds are not met for two consecutive years, beginning with the measurement period starting in 2028.

Finance: draft 13-week cash view by Friday.

Service Properties Trust (SVC) - Canvas Business Model: Channels

Direct ownership of real estate assets forms the foundation of Service Properties Trust's operations, spanning two distinct categories as of the third quarter of 2025.

The hotel portfolio, as of September 30, 2025, consisted of 160 hotels containing over 29,000 guest rooms across the United States, Puerto Rico, and Canada, representing an investment value exceeding $10 billion. Service Properties Trust is actively channeling assets out of this segment; the company is on track to sell 121 hotels, totaling 15,809 keys, for estimated gross proceeds of approximately $959 million in 2025. For the remaining comparable hotels, the gross operating profit margin percentage for the third quarter of 2025 was 24.4%.

The net lease segment provides the counter-balance, focusing on service-focused retail properties. As of September 30, 2025, Service Properties Trust owned 752 service-focused retail net lease properties, covering over 13.1 million square feet throughout the United States. This portfolio segment is highly leased, standing at more than 97% leased, with a weighted average lease term of 7.5 years.

Service Properties Trust channels its hotel operations through management agreements, most notably with Sonesta International Hotels for brand distribution and operational oversight. A significant channel is the new 15-year management agreement signed for 59 hotels, which is set to expire on July 31, 2040, with two 10-year renewal options available to Sonesta. Service Properties Trust will continue to hold an ownership stake in the operator, owning 34% of Sonesta.

The financial structure of this channel involves several fee streams paid to Sonesta:

• Base management fee of 3.0% for full-service hotels.
• Base management fee of 5.0% for extended stay and select service hotels.
• Incentive fee equal to 20% of EBITDA above a specified threshold, beginning in the 2026 calendar year.
• Brand promotion fee of 3.5% of gross room revenues.

The leasing and asset management teams serve as the direct channel for sourcing and retaining net lease tenants. This team activity resulted in the acquisition of 13 net lease properties for a total of $24.8 million during the third quarter of 2025. Year-to-date investments for 2025 totaled $70.6 million, with these new deals carrying an average going-in cash cap rate of 7.4%. The net lease portfolio is diversified across 178 tenants operating under 139 brands across 21 distinct industries.

Service Properties Trust accesses capital and investors through public equity markets via the Nasdaq exchange. The stock trades under the ticker SVC on the NASDAQ-GS exchange. The market capitalization as of a recent trading day was approximately 304,236,027. The company channels investor returns through distributions, with the annualized dividend set at $0.04, yielding approximately 2.15%.

Here is a snapshot of the key asset base that Service Properties Trust channels for revenue generation as of late 2025:

Asset Category	Count as of Q3 2025	Key Metric/Value	Associated Channel Fee/Term
Hotels Owned	160	Over 29,000 guest rooms	Sonesta Base Fee: 3.0% to 5.0% of gross revenues
Net Lease Properties Owned	752	Over 13.1 million square feet	Weighted Average Lease Term: 7.5 years
Net Lease Annual Minimum Rents	N/A	$389 million	Portfolio Leased: Over 97%
Hotels Under New Sonesta Agreement	59	Initial Term Expiration: July 31, 2040	Sonesta Incentive Fee: 20% of EBITDA above threshold

Investor access via the public markets shows recent trading activity. The 52-week high for Service Properties Trust Common Stock was $3.08, with a 52-week low of $1.55. The closing price on December 4, 2025, was $1.81, following a previous close of $1.86 on December 3, 2025. The trading volume on December 4, 2025, was 767 thousand shares.

The structure of the Sonesta channel involves specific fixed fees that act as a cost floor:

• Centralized Service Fee (Full Service): $1,100,000 per year.
• Centralized Service Fee (Extended/Select Service): $250,000 per year.
• Construction Management Fee: 3% of managed capital expenditures.

Finance: draft 13-week cash view by Friday.

Service Properties Trust (SVC) - Canvas Business Model: Customer Segments

You're looking at Service Properties Trust (SVC) as it actively reshapes its portfolio, moving toward a more net-lease-centric structure as of late 2025. The customer base is clearly split between real estate tenants and hotel guests, plus the capital providers.

Net Lease Tenants: Retailers, restaurants (QSR/casual dining), and automotive service providers

The net lease segment is a core focus for Service Properties Trust (SVC), providing stable, long-term income streams. As of September 30, 2025, Service Properties Trust (SVC) owned 752 service-focused retail net lease properties, covering over 13.1 million square feet, leased to 178 tenants. These properties generate $389 million in annual minimum rents. The portfolio remains highly occupied, standing at more than 97% leased, with a weighted average lease term of 7.5 years as of the end of the third quarter.

The types of businesses occupying these spaces are quite specific, focusing on essential services and daily needs. Here are the key categories of tenants Service Properties Trust (SVC) serves:

• Automotive service providers, including a significant anchor presence with 175 TA travel centers.
• Quick service and casual dining restaurants.
• Value retailers and fitness/childcare properties.

Here's a quick look at the scale of the net lease segment as of September 30, 2025:

Metric	Value
Number of Net Lease Properties Owned	752
Total Leased Square Footage	Over 13.1 million square feet
Number of Tenants	178
Annual Minimum Rents	$389 million
Lease Term Remaining (Weighted Average)	7.5 years

Hotel Operator: Primarily Sonesta International Hotels Corporation

Service Properties Trust (SVC) does not operate its properties; instead, it relies on hotel management companies. As of September 30, 2025, the 160 hotels owned by Service Properties Trust (SVC) were managed by four operators. The relationship with Sonesta International Hotels Corporation is central to the hotel segment, though Service Properties Trust (SVC) is actively selling many of these assets.

The operator breakdown for the 160 hotels owned as of September 30, 2025, shows a heavy concentration with Sonesta:

Hotel Operator	Number of Hotels Managed
Sonesta	135
Hyatt Hotels Corporation	17
Radisson Hospitality, Inc.	Remaining Hotels (Total 4 operators)

You should note that Service Properties Trust (SVC) is executing a plan to sell 113 Sonesta branded hotels, targeting gross proceeds of approximately $913 million for the full year 2025.

Hotel Guests: Business and leisure travelers utilizing full-service and extended-stay hotels

Hotel guests form the end-user segment for the lodging assets. These travelers utilize the portfolio, which, as of September 30, 2025, comprised 160 hotels with over 29,000 guest rooms across the United States, Puerto Rico, and Canada. The properties cater to both business and leisure segments, often falling into full-service or extended-stay categories.

The performance metrics reflect this segment's activity:

• For the 84 hotels in the retained portfolio (after sales), Revenue Per Available Room (RevPAR) increased by 60 basis points year-over-year for the third quarter of 2025.
• The 76 hotels not yet sold as of quarter end generated a RevPAR of $72.

The overall hotel portfolio generated Adjusted Hotel EBITDA of $44.3 million in the third quarter of 2025.

Public Investors: Equity and debt holders seeking REIT exposure

This segment consists of the capital providers funding Service Properties Trust (SVC)'s operations and acquisitions. The equity holders are the public shareholders of the REIT.

Key figures for the public investor base as of late 2025 include:

• Number of common shares of beneficial interest outstanding as of November 4, 2025: 168,086,203.
• Institutional Ownership as of October 8, 2025: 76.9%.
• The regular quarterly cash distribution announced in October 2025 was $0.01 per share, equating to $0.04 per share per year.

Debt holders are also critical, as Service Properties Trust (SVC) recently issued $580.2 million of zero coupon senior secured notes due September 2027, following redemptions of other notes to manage maturities. Finance: draft 13-week cash view by Friday.

Service Properties Trust (SVC) - Canvas Business Model: Cost Structure

You're looking at the core expenses Service Properties Trust incurs to run its dual-asset portfolio of hotels and net lease properties as of late 2025. The cost structure is heavily influenced by debt servicing, hotel operations, and management arrangements.

Financing costs remain a significant pressure point. For the third quarter of 2025, the consolidated financial results were primarily impacted by an $8.7 million increase in interest expense compared to the prior year quarter. This rise is generally attributed to higher weighted average interest rates during the 2025 period. You should note that the company proactively redeemed notes in September 2025, issuing new secured notes, which impacts the current debt profile.

Hotel operating expenses are a major variable cost. For the 160 comparable hotels in the third quarter of 2025, costs below the Gross Operating Profit (GOP) line increased by 7.6% from the prior year. This increase was specifically driven by insurance claims at certain hotels. Furthermore, the gross operating profit margin percentage for these comparable hotels declined by 330 basis points to 24.4% in Q3 2025. The portfolio generated adjusted hotel EBITDA of $44.3 million in Q3 2025, a decline of 18.9% year over year, reflecting softer demand and expense pressures, including elevated labor costs and repairs and maintenance expenses from prior periods.

Capital allocation for property upkeep is substantial. Full-year capital expenditures (CapEx) are projected at $250 million for 2025, with plans to reduce this spending to $150 million in 2026 as property investments wind down.

Management and related fees are complex due to the new agreements for the retained hotel properties. Service Properties Trust pays various fees to its managers, including The RMR Group and Sonesta. Here's a breakdown of the fee components, keeping in mind the Sonesta incentive fee kicks in starting in 2026.

Cost Component	Service Properties Trust (SVC) Financial Data/Rate
Interest Expense Change (Q3 2025 YoY)	$8.7 million increase
Projected 2025 Capital Expenditures	$250 million
Comparable Hotel Operating Cost Increase (Q3 2025 YoY)	7.6%
Comparable Hotel GOP Margin (Q3 2025)	24.4%
Sonesta Base Fee (Full-Service)	3.0% of gross revenues
Sonesta Base Fee (Extended Stay/Select Service)	5.0% of gross revenues
Sonesta Incentive Fee Structure (Starts 2026)	20% of EBITDA above threshold (capped)
Sonesta Brand Promotion Fee	3.5% of gross room revenues
Sonesta Centralized Service Fee (Full-Service Annual)	$1,100,000 (CPI adjusted)
RMR Property Management Fees (Q1 2024 Example)	$3,180 thousand (Property Management + Construction Supervision)

The various fees paid to operators and managers are layered. You need to track these carefully as they directly impact distributable cash flow.

• The Sonesta management agreement includes a construction management fee of 3% on managed capital expenditures.
• The RMR Group management fees, based on Q1 2024 figures, included $1,484 thousand expensed to net lease operating expenses.
• The trust is required to fund hotel capital expenditures and maintain minimum working capital tied to room counts under the Sonesta agreement.
• Property taxes, insurance, and maintenance are generally paid by the hotel managers as agents for Service Properties Trust or by the tenants for net lease properties.

It's important to remember that the $8.7 million interest expense jump in Q3 2025 is a direct hit to the bottom line before operating income, while the $250 million CapEx projection for 2025 is a major use of cash flow for property improvements.

Service Properties Trust (SVC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Service Properties Trust (SVC) brings in cash right now, which is heavily weighted toward its net lease segment as it actively reshapes its hotel portfolio. The stability comes from the long-term contracts on the retail side, while the hotel side is more dynamic, especially with the ongoing dispositions.

The net lease portfolio provides a very predictable income floor. As of the third quarter of 2025, the annualized minimum rent from these service-focused retail properties totaled $389 million. This segment is characterized by high occupancy, reported at 97.3% as of September 30, 2025, with a weighted average lease term of 7.5 years. Rent coverage across this portfolio was just over two times for the trailing 12 months.

For the hotel operations, Service Properties Trust retained 160 hotels as of September 30, 2025. The revenue generated from these properties in the third quarter of 2025 was $377.6 million in hotel operating revenues. The total revenue for that quarter, including both hotel and net lease income, was $478.8 million. The hotel segment also generates revenue through base and incentive management fees derived from hotel operations, net of operating expenses, which Service Properties Trust collects from its hotel management partner.

Here's a quick look at the components of the revenue streams based on the latest reported quarter and annual targets. This defintely gives you a clearer picture of where the money is coming from:

Revenue Source Component	Latest Reported Figure / Target	Period / Context
Annualized Minimum Rents (Net Lease)	$389 million	Q3 2025 Annualized
Hotel Operating Revenue	$377.6 million	Q3 2025
Total Quarterly Revenue	$478.8 million	Q3 2025
Expected Total Asset Sale Proceeds	Approximately $959 million	Full Year 2025 Target
Retained Hotel Count	160	As of September 30, 2025

A significant, non-recurring revenue stream for 2025 is the proceeds from the strategic asset sales, primarily hotels. Service Properties Trust expected to generate approximately $959 million in total gross proceeds from hotel sales for the full year 2025. This activity is part of a larger transformation effort to shift the portfolio composition.

The management fee component is tied directly to the hotel performance. You see this reflected in the structure where base and incentive management fees are collected from hotel operations, net of the operating expenses incurred. This links a portion of the revenue directly to the operational success of the managed hotel assets.

• Net Lease Annualized Minimum Rent: $389 million.
• Hotel Asset Sales Proceeds Target: $959 million for 2025.
• Q3 2025 Hotel Operating Revenue: $377.6 million.
• Portfolio Size: 160 retained hotels.

Finance: draft 13-week cash view by Friday.